Principal

Fair

Amount

Value

MUNICIPAL BONDS (98.2%)^

Education (10.9%)

KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2045 CALLABLE @ 100.000 04/01/2032

1,000,000

$

951,590

KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 04/01/2046 CALLABLE @ 100.000 04/01/2032

1,000,000

932,210

KANSAS DEVELOPMENT FINANCE AUTHORITY 4.000% 07/01/2036 CALLABLE @ 100.000 07/01/2031

2,000,000

2,018,980

WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2038 CALLABLE @ 100.000 07/01/2035

275,000

304,859

WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2040 CALLABLE @ 100.000 07/01/2035

325,000

356,915

WASHBURN UNIVERSITY/TOPEKA KS 5.000% 07/01/2042 CALLABLE @ 100.000 07/01/2035

335,000

362,661

4,927,215

General Obligation (45.8%)

CITY OF BEL AIRE KS 4.000% 11/01/2036 CALLABLE @ 100.000 11/01/2031

285,000

294,741

CITY OF BELLE PLAINE KS 4.000% 09/01/2027 CALLABLE @ 100.000 09/01/2026

500,000

498,095

BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 205 BLUESTEM 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2032

1,520,000

1,653,973

BUTLER COUNTY UNIFIED SCHOOL DISTRICT NO 402 AUGUSTA 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2034

600,000

659,964

COWLEY COUNTY UNIFIED SCHOOL DISTRICT NO 465 WINFIELD 5.000% 09/01/2048 CALLABLE @ 100.000 09/01/2033

500,000

519,555

DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 348 BALDWIN CITY 5.000% 09/01/2044 CALLABLE @ 100.000 09/01/2031

400,000

415,576

DOUGLAS COUNTY UNIFIED SCHOOL DISTRICT NO 491 EUDORA 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2032

1,000,000

1,058,470

CITY OF EMPORIA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2032

500,000

516,750

CITY OF GODDARD KS 4.000% 10/01/2045 CALLABLE @ 100.000 10/01/2032

365,000

339,976

GREELEY COUNTY UNIFIED SCHOOL DISTRICT NO 200 5.250% 09/01/2043 CALLABLE @ 100.000 09/01/2035

510,000

554,936

HARVEY COUNTY UNIFIED SCHOOL DISTRICT 440 HALSTEAD BENTLEY 5.000% 09/01/2049 CALLABLE @ 100.000 09/01/2031

1,000,000

1,030,760

JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2038 CALLABLE @ 100.000 09/01/2030

265,000

284,186

JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030

1,000,000

1,055,300

JEFFERSON COUNTY UNIFIED SCHOOL DISTRICT NO 343 PERRY 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030

1,000,000

1,042,530

JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2044 CALLABLE @ 100.000 09/01/2035

750,000

869,220

JOHNSON & MIAMI COUNTIES UNIFIED SCHOOL DISTRICT NO 230 SPRING HILLS 6.000% 09/01/2045 CALLABLE @ 100.000 09/01/2035

700,000

802,046

JOHNSON COUNTY UNIFIED SCHOOL DISTRICT NO 231 GARDNER EDGERTON 5.000% 10/01/2042 CALLABLE @ 100.000 10/01/2034

1,000,000

1,087,540

CITY OF MANHATTAN KS 4.000% 11/01/2044 CALLABLE @ 100.000 11/01/2034

880,000

851,963

MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 OSAWATOMIE 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2034

425,000

463,361

MIAMI COUNTY UNIFIED SCHOOL DISTRICT NO 367 OSAWATOMIE 5.250% 09/01/2043 CALLABLE @ 100.000 09/01/2034

475,000

514,482

PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2038 CALLABLE @ 100.000 09/01/2033

500,000

551,295

PRATT COUNTY UNIFIED SCHOOL DISTRICT NO 382 PRATT 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2033

1,035,000

1,118,845

RAWLINS COUNTY UNIFIED SCHOOL DISTRICT NO 105 4.000% 09/01/2045 CALLABLE @ 100.000 09/01/2031

1,000,000

964,180

SEDGWICK COUNTY UNIFIED SCHOOL DISTRICT NO 262 VALLEY CENTER 4.500% 09/01/2044 CALLABLE @ 100.000 09/01/2031

650,000

665,853

SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2043 CALLABLE @ 100.000 09/01/2030

650,000

689,124

SHAWNEE COUNTY UNIFIED SCHOOL DISTRICT NO 372 SILVER LAKE 5.500% 09/01/2048 CALLABLE @ 100.000 09/01/2030

780,000

806,949

CITY OF SOUTH HUTCHINSON KS 4.000% 10/01/2038

355,000

355,156

CITY OF WAMEGO KS 5.250% 09/01/2042 CALLABLE @ 100.000 09/01/2035

845,000

943,527

CITY OF WICHITA KS 4.750% 09/01/2027

180,000

179,269

20,787,622

Health Care (3.3%)

ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2030

1,020,000

1,011,820

ASHLAND PUBLIC BUILDING COMMISSION 5.000% 09/01/2035

500,000

497,130

1,508,950

Housing (10.4%)

KANSAS DEVELOPMENT FINANCE AUTHORITY 4.700% 03/01/2043

2,000,000

2,078,340

KANSAS DEVELOPMENT FINANCE AUTHORITY 4.170% 11/01/2041

1,422,559

1,461,907

COUNTY OF SHAWNEE KS 4.700% 07/01/2044 CALLABLE @ 100.000 07/01/2033

670,000

676,995

COUNTY OF SHAWNEE KS 5.000% 07/01/2049 CALLABLE @ 100.000 07/01/2033

485,000

491,029

4,708,271

Other Revenue (14.6%)

BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035

1,000,000

1,086,190

BLUE VALLEY RECREATION COMMISSION 5.000% 04/01/2045 CALLABLE @ 100.000 04/01/2035

975,000

1,059,035

CITY OF GARDEN CITY KS 5.375% 06/01/2039 CALLABLE @ 100.000 06/01/2030

1,500,000

1,518,960

CITY OF MANHATTAN KS 5.000% 12/01/2032

1,000,000

994,040

CITY OF WICHITA KS 4.000% 09/01/2038 CALLABLE @ 100.000 09/01/2027

760,000

764,066

WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.500% 03/01/2041 CALLABLE @ 100.000 03/01/2035

500,000

495,615

WYANDOTTE COUNTY KANSAS CITY UNIFIED GOVERNMENT 5.250% 03/01/2046 CALLABLE @ 100.000 03/01/2034

750,000

727,733

6,645,639

Transportation (2.4%)

STATE OF KANSAS DEPARTMENT OF TRANSPORTATION 5.000% 09/01/2042 CALLABLE @ 100.000 09/01/2034

1,000,000

1,103,260

1,103,260

Utilities (10.8%)

CHISHOLM CREEK UTILITY AUTHORITY 4.000% 09/01/2043 CALLABLE @ 100.000 09/01/2035

1,000,000

972,650

KANSAS MUNICIPAL ENERGY AGENCY 5.000% 04/01/2038

1,000,000

1,000,810

KANSAS POWER POOL 4.000% 12/01/2031

500,000

495,720

KANSAS POWER POOL 4.000% 12/01/2041 CALLABLE @ 100.000 12/01/2029

500,000

504,865

CITY OF OLATHE KS STORMWATER REVENUE 4.000% 10/01/2044 CALLABLE @ 100.000 10/01/2032

445,000

438,779

CITY OF WAMEGO KS ELECTRIC UTILITY SYSTEM REVENUE 5.250% 09/01/2041 CALLABLE @ 100.000 09/01/2035

1,355,000

1,489,470

4,902,294

TOTAL MUNICIPAL BONDS (COST: $43,911,481)

$

44,583,251

OTHER ASSETS LESS LIABILITIES (1.8%)

$

803,620

NET ASSETS (100.0%)

$

45,386,871

^All portfolio securities are issued securities from the state of Kansas.

The accompanying notes are an integral part of these financial statements.

NOTE: INVESTMENT IN SECURITIES (unaudited)

At April 30, 2026, the net unrealized appreciation/(depreciation) based on the cost of investments for federal income tax purposes was as follows:

Kansas Municipal Fund

Investments at cost

$

43,911,481

Unrealized appreciation

$

914,886

Unrealized depreciation

(243,116)

Net unrealized appreciation/(depreciation)*

$

671,770

*Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of wash sales and market discount.

NOTE: FAIR VALUE MEASUREMENTS (unaudited)

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). Level 3 inputs are based on significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2026:

Kansas Municipal Fund

Level 1

Level 2

Level 3

Total

Municipal Bonds

$

-

$

44,583,251

$

-

$

44,583,251

Total

$

-

$

44,583,251

$

-

$

44,583,251